IL HB1337

Amends the Conveyances Act Section 11 to establish mortgage form requirements including mortgagor and mortgagee names, debt description, interest rates, and property description.

Requires mortgage forms to include a 3 1/2 by 3 1/2 inch blank space for recorder use, but non-compliance does not affect the validity of the mortgage.

Allows mortgagors to release or waive homestead rights by inserting specific language in the mortgage form after "State of Illinois."

Exempts reverse mortgage loans from certain mortgage requirements regarding definiteness of term and indebtedness amount when inconsistent with reverse mortgage authorization acts or regulations.

Prohibits challenging the validity or priority of a lawfully executed and recorded mortgage solely because the interest rate was not expressed in the recorded instrument.